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01-04-2014, 10:20 AM
An honorable member of the Coffee Shop Has Just Posted the Following:
https://sg.finance.yahoo.com/news/oc...012423958.html (https://sg.finance.yahoo.com/news/ocbc-offers-us-4-95-012423958.html)
Singapore's Oversea-Chinese Banking Corp. (OCBC) said Tuesday it has offered to buy Hong Kong's Wing Hang bank for $4.95 billion as it seeks to boost its presence in the giant Chinese market.
OCBC said in a statement it had made the "pre-conditional voluntary general offer" to acquire Wing Hang through its wholly owned subsidiary OCBC Pearl Limited.
OCBC offered to buy each Wing Hang share at HK$125, or a total of HK$38.43 billion (US$4.95 billion) "in cash".
The Singapore bank said it has "sufficient financial resources" to finance the deal.
The offer price gives a 1.6 percent premium to Wing Hang shares as of their last closing price of HK$123, and about 67.3 percent over the 90-day average price, OCBC said in a statement to the Singapore stock exchange.
OCBC said the acquisition would strengthen its "strategic goal of deepening its presence in its four core markets -- Singapore, Malaysia, Indonesia and the greater China region" comprised of the mainland, Hong Kong, Macau and Taiwan.
It said the offer was "subject to certain pre-conditions being satisfied, including the obtaining of regulatory approvals".
Click here to view the whole thread at www.sammyboy.com (http://www.sammyboy.com/showthread.php?178451-OCBC-offers-US-4-95-bn-for-Hong-Kong-s-Wing-Hang-bank&goto=newpost).
https://sg.finance.yahoo.com/news/oc...012423958.html (https://sg.finance.yahoo.com/news/ocbc-offers-us-4-95-012423958.html)
Singapore's Oversea-Chinese Banking Corp. (OCBC) said Tuesday it has offered to buy Hong Kong's Wing Hang bank for $4.95 billion as it seeks to boost its presence in the giant Chinese market.
OCBC said in a statement it had made the "pre-conditional voluntary general offer" to acquire Wing Hang through its wholly owned subsidiary OCBC Pearl Limited.
OCBC offered to buy each Wing Hang share at HK$125, or a total of HK$38.43 billion (US$4.95 billion) "in cash".
The Singapore bank said it has "sufficient financial resources" to finance the deal.
The offer price gives a 1.6 percent premium to Wing Hang shares as of their last closing price of HK$123, and about 67.3 percent over the 90-day average price, OCBC said in a statement to the Singapore stock exchange.
OCBC said the acquisition would strengthen its "strategic goal of deepening its presence in its four core markets -- Singapore, Malaysia, Indonesia and the greater China region" comprised of the mainland, Hong Kong, Macau and Taiwan.
It said the offer was "subject to certain pre-conditions being satisfied, including the obtaining of regulatory approvals".
Click here to view the whole thread at www.sammyboy.com (http://www.sammyboy.com/showthread.php?178451-OCBC-offers-US-4-95-bn-for-Hong-Kong-s-Wing-Hang-bank&goto=newpost).